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‘Whales’ are known to make big moves in the world of cryptocurrency and it’s very common for them to make transactions crossing millions of dollars worth in crypto. But a recent transaction of a huge sum of Stellar (XLM) has some people worried about the digital coin’s future.
Whale Alert, a real-time tracker of large crypto transactions alerted on its Twitter account about the transfer of 260,000,000 XLM virtual coins, which at that time were worth $15,008,070 to a wallet belonging to the crypto exchange firm Kraken.
The transfer happened on Saturday 14th of Sep 2019 at 8:11 UTV and XLMs worth millions were sent to Kraken’s wallet from an unidentified wallet with an address.
The digital coin has already come down from the list of top 10 cryptocurrencies in terms of market capitalization but was trying to get back on its feet by showing an increase in its value by 0.17 percent to about $0.059.
But the news of the transaction has thrown people into a bit of disarray and its still unknown in which direction the cryptocurrency’s price is heading.
People over on Twitter are branding this as large-scale dumping of Stellar’s digital coin and have shown concern over; some are even advising others to dump their XLM altogether as well. Some say they saw this coming for a while whilst others say it is normal.
Big But Not Utterly Unusual in the Crypto World
It could actually just be nothing because we have seen such purchases before. Just recently, a 94K Bitcoin(BTC)trade transaction to an unknown wallet was made; that comes out to be about $1.031 billion dollars, making the recipient’s wallet the richest non-exchange address. We’ll just have to wait and see how things unfold. The concerns are raised simply due to the tendency of cryptocurrencies and digital tokens to be involved in suspicious activity previously.
Stellar has formerly announced that it will be giving away about 2 billion XLM in partnership with the group messaging app Keybase, to the users of the app over the course of 20 months. If we do the math, 2 billion XLM comes out to be roughly 125 million dollars. Stellar plans on giving to about 300,000 users of the app over airdrop. The news of this also hit the virtual coin bad and upon the announcement the XLM price went down by 1 percent.